Volvo Group Q1 Profit Climbs

Volvo Group (VOLVY.PK) reported that its net income attributable to owners of the company for the first-quarter 2019 climbed to 10.62 billion Swedish kronor or 5.22 kronor per share from last year's 5.65 billion kronor or 2.78 kronor per share, reflecting a capital gain on the sale of shares in WirelessCar amounting to 1.47 billion kronor.

Vehicle sales increased by 15% adjusted for currency movements, primarily driven by higher volumes of trucks, construction equipment and buses. All regions contributed to the sales growth. Adjusted for currency movements, service sales increased by 4%, reflecting a growing installed population and good utilization of customer fleets.

Total truck net order intake in the first-quarter decreased by 36% to 45,884 trucks while deliveries increased by 14% to 58,594 vehicles.